FACTBOOK 2003 · 4 Millions of Millions of Yen U.S. Dollars Fiscal Year Ended: 1999/3 2000/3 2001/3 2002/3 2003/3 2003/3 Sales 44,841 46,865 46,944 45,714 46,031 382.95 Operating

c1

FACTBOOK 2003Y e a r E n d e d M a r c h 3 1 , 2 0 0 3

CORPORATE PRINCIPLESCorporate ObjectiveYamaha will continue to create “Kando” and enrichculture with technology and passion born of soundand music, together with people all over the world.“Kando” (is a Japanese word that) signifies an inspiredstate of mind.

Brand SloganCREATING “KANDO” TOGETHER

Promise to Stakeholders�To CustomersYamaha will fully satisfy the customer, by offering high qualityproducts and services, which use new and traditional technolo-gies, as well as creativity and artistry, and continue to be aknown, trusted and loved brand.

�To ShareholdersYamaha will increase the satisfaction and understanding of itsshareholders by striving for healthy profits and returns, and byachieving productivity, using high quality, transparent manage-ment, and practicing disclosure.

�To EmployeesYamaha strives to create an open atmosphere where employeescan realize goals, be given opportunities, and be evaluated fair-ly. Yamaha will be an organization where employees can demon-strate their abilities fully, have confidence, and earn pride.

�To SocietyYamaha will give first priority to safety, and will care for theenvironment. Yamaha will be a good corporate citizen, andobserve laws and work ethically, developing the economy, andcontributing to local and global culture.

CONTENTS1 Financial Highlights2 Segment Information8 Performance Trends

11 Profitability and Growth12 Soundness and Stability14 Efficiency

16 Cash Flows17 Per Share Data18 Balance Sheets20 Statements of Operations21 Statements of Cash Flows22 Shareholder Information24 Network

PROFILE

1

Millions ofMillions of Yen U.S. Dollars

Fiscal Year Ended: 1999/3 2000/3 2001/3 2002/3 2003/3 2003/3

Net sales 563,751 527,897 519,104 504,406 524,763 4,365.75

Operating income (loss) (97) 8,082 23,001 11,043 32,043 266.58

Net income (loss) (15,879) (40,777) 13,320 (10,274) 17,947 149.31

Total assets 532,852 543,088 522,486 509,663 512,716 4,265.52

Total shareholders’ equity 214,896 221,750 196,733 201,965 214,471 1,784.28

Interest-bearing liabilities 97,318 88,167 103,304 96,166 90,436 752.38

Net income (loss)per share (Yen) (76.89) (197.45) 64.50 (49.75) 86.65 0.72

Number of employees 21,599 22,277 23,020 23,563

Throughout this fact book, an exchange rate of US$1=¥120.20, the approximate rate prevailing on March 31, 2003, was used for convenience only.

FINANCIAL HIGHLIGHTS

2



Sales 408,025 387,004 284,901 286,920 292,647 2,434.67

Operating income 30,694 27,077 12,290 4,738 9,792 81.46

Capital expenditure 9,936 7,846 6,117 8,837 9,067 75.43

Depreciation expenses 9,608 9,920 7,224 8,373 8,001 66.56

R&D expenses 16,133 11,195 11,521 11,834 98.45

Note: Figures in 1999/3~2000/3 include AV/IT.

408,025

387,004

284,901 286,920 292,647

0

450,000

AV/IT

2003/32002/32001/32000/31999/3

30,694

27,077

12,290

4,738

9,792

0

35,000

2003/32002/32001/32000/31999/3

AV/IT

0

100

2003/32002/32001/32000/31999/3

72.3 73.3

54.856.9 55.7

Including AV/IT

SEGMENT INFORMATION

Musical Instruments

Sales(Millions of Yen)

Operating Income (Millions of Yen)

Percentage of Net Sales(%)



Sales 100,197 95,214 83,670 696.09

Operating income 3,904 3,037 3,250 27.04

Capital expenditure 1,587 2,133 1,503 12.50

Depreciation expenses 1,783 1,877 1,807 15.03

R&D expenses 4,970 5,096 5,194 43.21

Note: Figures in 1999/3~2000/3 are included in Musical Instruments.

AV/IT

100,19795,214

83,670

0

150,000

2003/32002/32001/32000/31999/3

3,904

3,0373,250

0

6,000

2003/32002/32001/32000/31999/30

30

2003/32002/32001/32000/31999/3

19.3 18.9

15.9


Operating Income (Millions of Yen)


3

4



Sales 44,841 46,865 46,944 45,714 46,031 382.95

Operating income (loss) (2,474) (995) 892 1,046 461 3.84

Capital expenditure 1,940 1,683 991 851 911 7.58


R&D expenses 1,517 1,364 1,282 1,319 10.97

44,84146,865 46,944

45,714 46,031

0

60,000

2003/32002/32001/32000/31999/3

8921,046

461

-3,000

0

2,000

2003/32002/32001/32000/31999/3

-2,474

-995

0

20

2003/32002/32001/32000/31999/3

8.8

7.9

8.8 9.0 9.1

Lifestyle-Related Products


Operating Income (Loss)(Millions of Yen)




Sales 73,226 55,880 43,221 36,628 60,554 503.78

Operating income (loss) (28,421) (18,113) 6,654 4,351 19,282 160.42



R&D expenses 4,503 3,135 3,853 3,188 26.52

73,226

55,880

43,221

36,628

60,554

0

100,000

2003/32002/32001/32000/31999/3

6,654

4,351

19,282

-30,000

0

20,000

2003/32002/32001/32000/31999/3

-28,421

-18,113

0

20

2003/32002/32001/32000/31999/3

12.9

10.5

8.3

7.3

11.5




5

Electronic Equipment and Metal Products



Sales 23,324 23,484 21,771 21,590 20,903 173.90

Operating loss (1,240) (781) (1,283) (1,741) (1,110) (9.23)

Capital expenditure 1,744 1,403 1,392 1,867 728 6.06


R&D expenses 0 0 2 0 0

23,324 23,484

21,771 21,59020,903

0

40,000

2003/32002/32001/32000/31999/3-4,000

0

2003/32002/32001/32000/31999/3

-1,110-1,240

-781

-1,283

-1,741

0

10

2003/32002/32001/32000/31999/3

4.04.14.4

4.14.3


Operating Loss(Millions of Yen)


6

Recreation



Sales 14,333 14,663 22,067 18,339 20,956 174.34

Operating income (loss) 1,534 204 543 (389) 365 3.04

Capital expenditure 938 927 1,846 1,015 1,352 11.25

Depreciation expenses 859 798 1,135 1,050 996 8.29

R&D expenses 435 494 785 904 7.52

14,333 14,663

22,067

18,339

20,956

0

30,000

2003/32002/32001/32000/31999/3

1,534

204

543

365

-1,000

0

2,000

2003/32002/32001/32000/31999/3

-389

0

10

2003/32002/32001/32000/31999/3

2.52.7

4.2

3.6

4.0




7

Others



Net sales 563,751 527,897 519,104 504,406 524,763 4,365.75

Japan 322,539 308,042 308,539 289,951 312,129 2,596.75

North America 96,203 96,005 91,720 93,524 89,728 746.49

Europe 82,517 73,397 72,957 73,458 77,185 642.14

Other 62,491 50,452 45,886 47,472 45,721 380.37

Overseas sales ratio (%) 42.8 41.7 40.6 42.5 40.5

Cost of sales 402,240 371,757 346,200 340,412 338,307 2,814.53

Gross profit 161,511 156,140 172,904 163,994 186,456 1,551.21

563,751

527,897 519,104504,406

524,763

0

650,000

2003/32002/32001/32000/31999/3

42.8 41.7 40.642.5

40.5

Overseas sales ratio

402,240

371,757

346,200 340,412 338,307

0

650,000

2003/32002/32001/32000/31999/3

64.4

71.4 70.466.7 67.5

Cost of sales ratio

PERFORMANCE TRENDS

Net Sales/Overseas Sales Ratio(Millions of Yen/%)

Cost of Sales/Cost of Sales Ratio(Millions of Yen/%)

8



SG&A expenses 161,608 148,057 149,902 152,951 154,413 1,284.63

Personnel expenses 75,539 65,355 65,402 67,265 68,778 572.20

Advertising & promotion 22,879 20,811 22,052 22,455 21,740 180.87


Net income (loss) (15,879) (40,777) 13,320 (10,274) 17,947 149.31

161,608

148,057 149,902 152,951 154,413

0

200,000

2003/32002/32001/32000/31999/3

29.428.7 28.0

28.930.3

SG&A expenses to net sales

8,082

23,001

11,043

32,043

-20,000

0

40,000

2003/32002/32001/32000/31999/3

6.1

-0.01.5

4.4

2.2

Operating income (loss) to net sales

-97

13,320

17,947

-50,000

0

30,000

2003/32002/32001/32000/31999/3

3.4

-2.8

-7.7

2.6

-2.0

Net income (loss) to net sales

-15,879

-10,274

-40,777

SG&A Expenses/SG&A Expenses to Net Sales(Millions of Yen/%)

Operating Income (Loss)/ Operating Income (Loss) to Net Sales(Millions of Yen/%)

Net Income (Loss)/Net Income (Loss) to Net Sales(Millions of Yen/%)

9

10





R&D expenses 20,700 22,588 21,158 22,539 22,441 186.70

Depreciation Expenses(Millions of Yen)

R&D Expenses(Millions of Yen)

34,342

18,544

14,770

16,627 16,883

0

40,000

2003/32002/32001/32000/31999/3

36,446

28,635

17,31018,767

17,586

0

40,000

2003/32002/32001/32000/31999/3

20,700

22,58821,158

22,539 22,441

0

40,000

2003/32002/32001/32000/31999/3

Capital Expenditure(Millions of Yen)

%

Fiscal Year Ended: 1999/3 2000/3 2001/3 2002/3 2003/3

Return on equity (ROE) (7.1) (18.7) 6.4 (5.2) 8.6

Return on assets (ROA) (2.9) (7.6) 2.5 (2.0) 3.5

ROE = net income / shareholders’ equity (yearly average) x 100ROA = net income / total assets (yearly average) x 100

Return on Equity (ROE)(%)

Return on Assets (ROA)(%)

11

-20

0

10

2003/32002/32001/32000/31999/3

6.4

-5.2

-7.1

-18.7

8.6

-20

0

10

2003/32002/32001/32000/31999/3

2.53.5

-2.9

-7.6

-2.0

PROFITABILITY AND GROWTH



Shareholders’ equity ratio (%) 40.3 40.8 37.7 39.6 41.8

Interest paid 3,449 2,968 3,014 2,911 2,015 16.76


Equity in earnings of unconsolidatedsubsidiaries and affiliates 3,366 4,209 2,434 2,993 7,608 63.29

Interest and dividends received 1,070 957 1,137 735 582 4.84

Interest coverage (Times) 1.26 4.46 8.82 5.07 19.97

Current assets 212,911 205,979 231,872 211,140 221,089 1,839.34

Current liabilities 189,386 178,281 175,371 144,498 158,148 1,315.71

Current ratio (%) 112.4 115.5 132.2 146.1 139.8

Interest coverage = (operating income + interest and dividends received + equity in earnings of unconsolidated subsidiaries and affiliates) / interest paid

Shareholders’ Equity Ratio(%)

Interest Coverage(Times)

Current Ratio(%)

12

40.3 40.8

37.739.6

41.8

0

50

2003/32002/32001/32000/31999/3

1.26

4.46

8.82

5.07

19.97

0

25

2003/32002/32001/32000/31999/3

112.4115.5

132.2

146.1139.8

0

200

2003/32002/32001/32000/31999/3

SOUNDNESS AND STABILITY



Shareholders’ equity 214,896 221,750 196,733 201,965 214,471 1,784.28

Interest-bearing liabilities 97,318 88,167 103,304 96,166 90,436 752.38

Debt to equity ratio (Times) 0.45 0.40 0.53 0.48 0.42

Fixed assets 283,202 292,460 290,614 298,522 291,627 2,426.18

Fixed assets to capital ratio (%) 131.8 131.9 147.7 147.8 136.0

Interest-bearing liabilities = long-term debt + short-term debt + convertible bondsDebt to equity ratio = interest-bearing liabilities / shareholders’ equityFixed assets to capital ratio = fixed assets / shareholders’ equity x 100

Interest-Bearing Liabilities/Debt to Equity Ratio(Millions of Yen/Times)

Fixed Assets to Capital Ratio(%)

13

97,318

88,167

103,304

96,16690,436

0

150,000

2003/32002/32001/32000/31999/3

0.420.45

0.40

0.53

0.48

Debt to equity ratio

131.8 131.9

147.7 147.8

136.0

0

200

2003/32002/32001/32000/31999/3



Net sales 563,751 527,897 519,104 504,406 524,763 4,365.75

Total assets 532,852 543,088 522,486 509,663 512,716 4,265.52

Total assets turnover (Times) 1.05 0.98 0.97 0.98 1.03

Trade receivables 87,627 73,482 85,678 71,844 79,130 658.32

Trade receivables turnover (Times) 6.40 6.55 6.52 6.40 6.95

Total assets turnover = net sales / total assets (yearly average)Trade receivables turnover = net sales / trade receivables (yearly average)

1.5

2003/32002/32001/32000/31999/3

1.031.05

0.98 0.97 0.98

0 0

8

2003/32002/32001/32000/31999/3

6.95

6.406.55 6.52 6.40

EFFICIENCY

Total Assets Turnover(Times)

Trade Receivables Turnover(Times)

14



Inventories 91,095 77,416 97,664 84,264 80,144 666.76

Finished products 56,743 50,136 63,893 54,775 51,116 425.26

Raw materials & work in process 34,352 27,280 33,771 29,489 29,028 241.50

Inventories turnover (Times) 6.04 6.27 5.93 5.55 6.38

Trade payables 49,969 52,335 48,924 36,880 39,462 328.30

Trade payables turnover (Times) 12.12 10.32 10.25 11.76 13.75

Inventories turnover = net sales / inventories (yearly average)Trade payables turnover = net sales / trade payables

0

8

2003/32002/32001/32000/31999/3

6.38

6.046.27

5.93

5.55

0

15

2003/32002/32001/32000/31999/3

13.75

12.12

10.32 10.25

11.76

Inventories Turnover(Times)

Trade Payables Turnover(Times)

15



Cash flows fromoperating activities 10,851 (9,089) 29,016 33,052 274.98

Cash flows frominvesting activities 12,474 (5,441) (10,437) (21,645) (180.07)

Free cash flow 23,325 (14,530) 18,579 11,407 94.90

Net sales 527,897 519,104 504,406 524,763 4,365.75

Free cash flow margin (%) 4.41 (2.80) 3.59 2.17

Free cash flow margin = free cash flow / net sales x 100

10,851

29,016

33,052

-20,000

0

40,000

2003/32002/32001/32000/31999/3

-9,089

-5

0

5

2003/32002/32001/32000/31999/3

1.05

4.41

-2.80

3.59

2.17

CASH FLOWS

Cash Flows from Operating Activities(Millions of Yen)

Free Cash Flow Margin(%)

16

Yen U.S. Dollars


Net income (loss) per share (76.89) (197.45) 64.50 (49.75) 86.65 0.72

Shareholders’ equity per share 1,040.56 1,073.75 952.62 978.15 1,040.06 8.65

Dividends per share 6 3 7 8 10 0.08

Dividends paid (Millions of Yen) 1,239 619 1,445 1,651 2,063 17.16

Dividend payout ratio (%) — — 14.9 — 27.1

Payout ratio = dividends paid / net income (non-consolidated) x 100

PER SHARE DATA

64.50

86.65

-250

0

100

2003/32002/32001/32000/31999/3

-76.89

-197.45

-49.75

1,040.561,073.75

952.62978.15

1,040.06

0

1,500

2003/32002/32001/32000/31999/3

6

3

7

8

10

0

20

2003/32002/32001/32000/31999/3

Net Income (Loss) per Share(Yen)

Shareholders’ Equity per Share(Yen)

Dividends per Share(Yen)

17

18


Fiscal Year Ended: 2002/3 2003/3 2003/3

ASSETSCurrent assets:

Cash and bank deposits 41,074 44,485 370.09

Marketable securities 356 1,370 11.40

Notes and accounts receivable 74,519 81,755 680.16

Allowance for doubtful accounts (2,675) (2,625) (21.84)

Inventories 84,264 80,144 666.76

Deferred income taxes 9,332 10,489 87.26

Prepaid expenses and other current assets 4,267 5,469 45.50

Total current assets 211,140 221,089 1,839.34

Property, plant and equipment, net of accumulated depreciation:

Land 78,069 76,835 639.23

Buildings and structures 70,745 67,166 558.79

Machinery and equipment 35,440 33,639 279.86

Construction in progress 1,003 1,082 9.00

Total property, plant and equipment, net of accumulated depreciation 185,261 178,724 1,486.89

Investments and other assets:

Investment securities 76,307 77,622 645.77

Long-term loans receivable 1,733 694 5.77

Lease deposits 5,087 5,013 41.71

Deferred income taxes 26,384 24,663 205.18

Excess of cost over net assets acquired 173 107 0.89

Other assets 3,573 4,800 39.93

Total investments and other assets 113,260 112,902 939.28

Total Assets 509,663 512,716 4,265.52

BALANCE SHEETS

19



LIABILITIESCurrent liabilities:

Short-term loans 47,871 27,078 225.27

Current portion of convertible bonds — 24,317 202.30

Current portion of long-term debt 4,363 10,090 83.94

Notes and accounts payable 36,880 39,462 328.30

Accrued expenses 41,987 42,501 353.59

Income taxes payable 1,224 3,101 25.80

Advances received 3,742 3,428 28.52

Deferred income taxes 65 92 0.77

Other current liabilities 8,360 8,074 67.17

Total current liabilities 144,498 158,148 1,315.71

Long-term liabilities:

Convertible bonds 24,317 — —

Long-term debt 19,615 28,951 240.86

Deferred income taxes 316 266 2.21

Deferred income taxes on land revaluation 14,638 13,577 112.95

Accrued employees’ retirement benefits 59,074 53,988 449.15

Directors’ retirement benefits 859 965 8.03

Long-term deposits received 38,472 36,848 306.56

Other long-term liabilities 1,191 1,572 13.08

Total long-term liabilities 158,486 136,171 1,132.87

MINORITY INTERESTS 4,712 3,925 32.65

SHAREHOLDERS’ EQUITY

Common stock 28,533 28,533 237.38

Additional paid-in capital 26,924 — —

Reserve for land revaluation 16,482 — —

Retained earnings 157,589 — —

Capital surplus — 40,052 333.21

Earned surplus — 162,344 1,350.62

Reserve for land revaluation — 16,152 134.38

Net unrealized holding gains/losses on other securities 766 378 3.14

Translation adjustments (28,280) (32,753) (272.49)

Total shareholders’ equity 202,014 214,707 1,786.25

Treasury stock, at cost (49) (236) (1.96)

Total shareholders’ equity 201,965 214,471 1,784.28

Total Liabilities, Minority Interests and Shareholders’ Equity 509,663 512,716 4,265.52

20



Net sales 504,406 524,763 4,365.75

Cost of sales 340,412 338,307 2,814.53

Gross profit 163,994 186,456 1,551.21

Selling, general and administrative expenses 152,951 154,413 1,284.63

Operating income 11,043 32,043 266.58

Other income (expenses):

Interest and dividend income 735 582 4.84

Interest expense (2,911) (2,015) (16.76)

Sales rebates (4,477) (4,347) (36.16)

Loss on foreign exchange (352) (1,015) (8.44)

Gain on sale of marketable and investment securities 3,694 — —

Loss from revaluation of investment securities (14,857) (7,746) (64.44)

Loss on sale or disposal of properties, net (1,672) (974) (8.10)

Equity in earnings of unconsolidated subsidiaries and affiliates 2,993 7,608 63.29

Structural reform expenses — (2,271) (18.89)

Other, net 18 749 6.23

Total other income (expenses) (16,829) (9,429) (78.44)

Income (loss) before income taxes and minority interests (5,784) 22,612 188.12

Income taxes:

Current 1,507 3,962 32.96

Deferred 2,429 65 0.54

Total income taxes 3,936 4,027 33.50

Income (loss) before minority interests (9,723) 18,583 154.60

Minority interests 551 636 5.29

Net Income (Loss) (10,274) 17,947 149.31

STATEMENTS OF OPERATIONS

21

Millions of Millions of Yen U.S. Dollars


Cash flows from operating activities:Income (loss) before income taxes and minority interests (5,784) 22,612 188.12Depreciation and amortization 18,919 17,699 147.25Increase (decrease) in allowance for doubtful accounts (507) 395 3.29Loss from revaluation of investment securities 14,857 7,746 64.44Decrease in employees’ retirement benefits, net of payments (8,210) (5,150) (42.85)Interest and dividend income (736) (583) (4.85)Interest expense 2,911 2,015 16.76Equity in earnings of unconsolidated subsidiaries and affiliates (2,993) (7,608) (63.29)Gain on sale of investment securities (3,667) — —Loss on sale or disposal of properties, net 1,672 974 8.10Net loss on foreign exchange 63 242 2.01Structural reform expenses — 1,509 12.55Decrease (increase) in accounts and notes receivable—trade 18,794 (8,509) (70.79)Decrease in inventories 18,532 3,233 26.90Increase (decrease) in accounts and notes payable—trade (15,715) 2,894 24.08Other, net (4,775) (1,413) (11.76)

Subtotal 33,360 36,061 300.01Interest and dividends received 746 1,181 9.83Interest paid (2,918) (2,067) (17.20)Income taxes paid, net of payment (2,171) (2,123) (17.66)Net cash provided by operating activities 29,016 33,052 274.98

Cash flows from investing activities:Purchases of properties (14,876) (15,730) (130.87)Proceeds from sale of properties 888 2,674 22.25Purchases of investment securities (858) (6,541) (54.42)Proceeds from sale of investment securities 4,074 187 1.56Other, net 336 (2,235) (18.59)

Net cash used in investing activities (10,437) (21,645) (180.07)

Cash flows from financing activities:Decrease in short-term loans (13,241) (20,887) (173.77)Proceeds from long-term debt 8,178 18,908 157.30Repayments of long-term debt (5,665) (3,065) (25.50)Cash dividends paid (1,652) (1,857) (15.45)Cash dividends paid to minority shareholders (468) (268) (2.23)Repayments of resort member deposits — (1,297) (10.79)Purchases of treasury stock — (133) (1.11)Other, net (31) 19 0.16

Net cash used in financing activities (12,880) (8,582) (71.40)

Effect of exchange rate changeson cash and cash equivalents 1,122 (504) (4.19)

Net increase in cash and cash equivalents 6,821 2,319 19.29Cash and cash equivalents at beginning of year 32,725 40,571 337.53Increase in cash and cash equivalents arising frominclusion of subsidiaries in consolidation 1,025 85 0.71

Cash and Cash Equivalents at End of Year 40,571 42,976 357.54

STATEMENTS OF CASH FLOWS

Yen


Share price at the end of fiscal year 1,254 832 1,318 912 1,335

Share price—high 1,429 1,609 1,475 1,390 1,399

Share price—low 1,010 620 710 745 857

Trading volume (Million shares) 88 114 122 107 148

1,254

832

1,318

912

1,335

0

2,500

2003/32002/32001/32000/31999/3

88

114122

107

148

0

250

2003/32002/32001/32000/31999/3

SHAREHOLDER INFORMATION

Share Price at the End of Fiscal Year(Yen)

Trading Volume(Million Shares)

22


Dividend yield (%) 0.48 0.36 0.53 0.88 0.75

Price to earnings ratio (Times) — — 20.4 — 15.4

Price to book value ratio (Times) 1.21 0.77 1.38 0.93 1.28

Number of shares issued (Thousand shares) 206,523 206,523 206,523 206,523 206,523

Market capitalization at the end of fiscal year (Millions of Yen) 258,980 171,827 272,198 188,349 275,709

Percentage of shares owned by foreign investors (%) 14.8 18.9 22.5 25.2 20.5

0

3

2003/32002/32001/32000/31999/3

0.75

0.480.36

0.53

0.88

0

50

2003/32002/32001/32000/31999/3

20.4

15.4

0

2

2003/32002/32001/32000/31999/3

1.281.21

0.77

1.38

0.93

Dividend Yield(%)

Price to Earnings Ratio(Times)

Price to Book Value Ratio(Times)

23

24

NETWORK

Main Domestic Group Companies

Musical InstrumentsYamaha Music Tokyo Co., Ltd.

Yamaha Music Nishi-Tokyo Co., Ltd.

Yamaha Music Yokohama Co., Ltd.

Yamaha Music Kanto Co., Ltd.

Yamaha Music Osaka Co., Ltd.

Yamaha Music Kobe Co., Ltd.

Yamaha Music Setouchi Co., Ltd.

Yamaha Music Nagoya Co., Ltd.

Yamaha Music Hamamatsu Co., Ltd.

Yamaha Music Kyushu Co., Ltd.

Yamaha Music Hokkaido Co., Ltd.

Yamaha Music Tohoku Co., Ltd.

Yamaha Music Trading Corporation

Yamaha Music Media Corporation

Yamaha Sound Technologies Inc.

Yamaha Music Craft Corporation

Yamaha Hall Co., Ltd.

Yamaha Piano Service Co., Ltd.

Yamaha Music Communications Co., Ltd.

Music Lease Corporation

MUSIC E-NET Inc.

AV/ITYIS Corporation

D.S. Corporation

Lifestyle-Related ProductsYamaha Livingtec Corporation

Yamaha Living Products Corporation

Joywell Home Corporation

Electronic Equipment and Metal ProductsYamaha Kagoshima Semiconductor Inc.

Yamaha Metanix Corporation

RecreationKiroro Development Corporation

Haimurubushi Corporation

Katsuragi Corporation

Toba International Hotel Corporation

Tsumagoi Corporation

Nemunosato Corporation

Kiroro Associates Corporation

25

American RegionYamaha Corporation of America

Yamaha Electronics Corporation, U.S.A.

Yamaha Exporting, Inc.

Yamaha Music Manufacturing, Inc.

Yamaha Musical Products, Inc.

Yamaha Music InterActive Inc.

YMH Digital Music Publishing LLC.

Yamaha Canada Music Ltd.

Yamaha de México, S.A. de C.V.

Yamaha Music Latin America, S.A.

Yamaha Musical do Brasil Ltda.

European RegionYamaha Music Holding Europe G.m.b.H.

Yamaha Music Central Europe G.m.b.H.

Yamaha Elektronik Europa G.m.b.H.

Yamaha-Kemble Music (U.K.) Ltd.

Yamaha Electronics (U.K.) Ltd.

Kemble & Company Ltd.

Kemble Music Ltd.

Yamaha Musique France S.A.S.

Yamaha Electronique France S.A.S.

Yamaha Electronique Alsace S.A.

Yamaha Scandinavia AB

Yamaha Musica Italia S.p.A.

Yamaha-Hazen Música S.A.

Asia/Oceania RegionYamaha KHS Music Co., Ltd.

Taiwan Yamaha Musical Inst. Mfg. Co., Ltd.

Kaohsiung Yamaha Co., Ltd.

Yamaha Music & Electronics (China) Co., Ltd.

Tianjin Yamaha Electronic Musical Instruments, Inc.

Yamaha Trading (Shanghai) Co., Ltd.

Yamaha Electronics Trading (Shanghai) Co., Ltd.

Guangzhou Yamaha-Pearl River Piano Inc.

Xiaoshan Yamaha Musical Instruments Co., Ltd.

Yamaha Electronics (Suzhou) Co., Ltd.

Yamaha Music Korea Ltd.

Yamaha Music (Asia) Pte., Ltd.

Yamaha Electronics Asia Pte., Ltd.

Yamaha Music (Malaysia) Sdn. Bhd.

Yamaha Electronics Manufacturing Malaysia Sdn. Bhd.

PT. Yamaha Music Indonesia (Distributor)

PT. Yamaha Indonesia

PT. Yamaha Music Manufacturing Indonesia

PT. Yamaha Music Manufacturing Asia

PT. Yamaha Musical Products Indonesia

PT. Yamaha Electronics Manufacturing Indonesia

Siam Music Yamaha Co., Ltd.

Yamaha Music Australia Pty., Ltd.

Yamaha Music Gulf FZE

YAMAHA’s Overseas Network

OthersYamaha Fine Technologies Co., Ltd.

Yamaha Credit Corporation

Yamaha Insurance Service Co., Ltd.

Yamaha Business Support Corporation

Companies Accounted for Using the Equity MethodYamaha Motor Co., Ltd.

KORG Inc.

c4

Documents

FACTBOOK 2003 · 4 Millions of Millions of Yen U.S. Dollars Fiscal Year Ended: 1999/3 2000/3 2001/3 2002/3 2003/3 2003/3 Sales 44,841 46,865 46,944 45,714 46,031 382.95 Operating